July 20, 2018

Report: CT Small Business Not Optimistic – News Not All Bad (CONNTACT) »

HOUSTON: Don’t look to the Nutgmeg State for a lot of positive thinking small business owners. According to a study by Womply, a technology and data company serving small businesses nationwide, it that claims fore than 100,000, small business customers.

According to the firm’s study Connecticut ranks No. 41 nationally for small business optimism. There is somewhat better news for the job seekers with 15% of owners planning to add staff this year which ranks the state #17 nationally.

The study, which polled 4,700 small business owners in all 50 states, revealed what’s driving optimism or pessimism on Main Street and how small business confidence (or lack thereof) might translate into actions like hiring or expansion.

A few key findings:

#41 for optimism: 50% of Connecticut small business owners are optimistic about their prospects this year, compared to 68% nationally.

#17 for hiring intent: 15% of local businesses plan to add staff this year.

Nationally, optimistic business owners are: 2.35x more likely than pessimists to hire new employees, 3x more likely to give raises, and 2.65x more likely to open new locations.

Nationally, pessimistic business owners are: 2.5x more likely to reduce staff, 7.75x to reduce employee pay, and 12.65x more likely to close business locations.

Another Wombly report tracked sales for small businesses, nationally, local retailers see 13 transactions at a $121 per-sale average, resulting in daily revenue of $1,576. Based on average daily revenue, the top 10 states below, Connecticut retailers are number 5 in daily business transaction total sales.

Nevada, $2,927

Delaware, $2,693

Utah, $2,431

New York, $2,383

Connecticut, $2,018

California, $1,996

Nebraska, $1,935

New Jersey, $1,863

New Hampshire, $1,854

Massachusetts, $1,785

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